JSW Steel surged to a day high of ₹1,060, reflecting a 3.18% increase from its previous close of ₹1,027.30. The stock opened at ₹1,028.00 and hit a low of ₹1,025.45 in early trade before gaining momentum. The rally follows Nomura’s initiation of a buy rating with a target price of ₹1,220, anticipating up to 18% upside.
Nomura highlighted robust domestic demand and continued deleveraging as key factors. Additionally, Morgan Stanley upgraded JSW Steel to overweight, increasing its target price to ₹1,150 from ₹895, driven by positive market sentiment due to China’s economic stimulus measures.
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